Use the starting balance sheet, income statement, and the list of changes to answer the question. Lightspeed Industries Balance Sheet As of December 31, 2022 (amounts in thousands) 20,000 Liabilities Cash Other Assets Total Assets Revenue Expenses Net Income 35,000 Equity 55,000 Total Liabilities & Equity Lightspeed Industries Income Statement January 1 to March 31, 2023 (amounts in thousands) 3,300 4,900 -1,600 37,000 18,000 55,000 Between January 1 and March 31, 2023: 1. Other Assets do not change 2. Liabilities increase by $400,000 3. Paid-In Capital does not change 4. Dividends paid of $300,000 What is the value for Cash on March 31, 2023? Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

Use the starting balance sheet, income statement, and the list of changes to answer the question. Lightspeed Industries Balance Sheet As of December 31, 2022 (amounts in thousands) 20,000 Liabilities Cash Other Assets Total Assets Revenue Expenses Net Income 35,000 Equity 55,000 Total Liabilities & Equity Lightspeed Industries Income Statement January 1 to March 31, 2023 (amounts in thousands) 3,300 4,900 -1,600 37,000 18,000 55,000 Between January 1 and March 31, 2023: 1. Other Assets do not change 2. Liabilities increase by $400,000 3. Paid-In Capital does not change 4. Dividends paid of $300,000 What is the value for Cash on March 31, 2023? Note: Account change amounts are provided in dollars but the financial statement units are thousands of dollars. Please specify your answer in the same units as the financial statements (i.e., enter the number from your updated balance sheet).

Name: Use the starting balance sheet, income statement, and the list of cha
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Description: Use the starting balance sheet, income statement, and the list of changes to answer the question.Lightspeed IndustriesBalance SheetAs of December 31, 2022(amounts in thousands)20,000 LiabilitiesCashOther AssetsTotal AssetsRevenueExpensesNet Income35

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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